According to The Wrap, CNN and King have already signed a contract to produce quarterly specials. They also cite a source blaming the decision on King's "messy personal life" that "brought this to a head."

Here's the statement from King's site:

Before I start the show tonight, I want to share some personal news with you. 25 years ago, I sat across this table from New York Governor Mario Cuomo for the first broadcast of Larry King Live.

Now, decades later, I talked to the guys here at CNN and I told them I would like to end Larry King Live, the nightly show, this fall and CNN has graciously accepted, giving me more time for my wife and I to get to the kids' little league games.

I'll still be a part of the CNN family, hosting several Larry King specials on major national and international subjects.

I'm incredibly proud that we recently made the Guinness Book of World Records for having the longest running show with the same host in the same time slot. With this chapter closing I'm looking forward to the future and what my next chapter will bring, but for now it's time to hang up my nightly suspenders.

Larry King has asked that I share with you a message to his audience that will be broadcast tonight at the top of his show. After 25 years, Larry has decided to take a step back from the nightly grind. He wants to take some time for himself and his family. So he will end his run with Larry King Live on his own terms, sometime this fall.

He is not leaving CNN. Larry is a beloved member of the CNN family and he will continue to contribute to our air with periodic specials.

Larry has been a giant in the industry for as long as most of us can remember. Anyone who ever mattered has sat for an interview on Larry's iconic set. They all know the man it is our privilege to call our colleague and friend—tireless and curious, respectful and inquisitive, caring, generous, influential, a citizen of the world.

We will celebrate his tenure in proper fashion over the coming months. Today is about Larry and about the beginning of a new chapter. It is not about good-bye.